Bond Application Process
The IDA reviews each application for the issuance of industrial development bonds on its own merit. The IDA reserves the right to approve or disapprove applications in whole or in part. Each application given preliminary approval by the IDA is subject to a final approval by the IDA. In addition, any final approval granted by the IDA is subject to the approval of the Scottsdale City Council.
Bond Application Process
- Communications begin with the IDA to determine qualification of the project. Detailed qualifications and guidelines are located in the Procedures for Application and Utilization of Tax Exempt and Taxable Industrial Development Revenue Bond Financing.
- Prospective applicant meets with the IDA’s legal counsel, administrator and financial consultant to discuss the proposed application.
- Submission of twelve (12) copies of an application and the application fee in the amount of $4,000.00 must be delivered to the IDA ten (10) days prior to the meeting of the IDA for consideration of the application. If the applicant is not granted preliminary approval by the IDA, $1,500 of the application fee is returned to the applicant. Submission guidelines are located in the Procedures for Application and Utilization of Tax Exempt and Taxable Industrial Development Revenue Bond Financing.
- The applicant is also required to pay $10,000 which shall be deposited into a trust account. If the application fails to receive final approval by the IDA or the Scottsdale City Council, such funds are to be utilized for the payment of the costs incurred by the IDA in connection with the consideration of the application. Any remaining fees will be returned to the applicant.
- The preliminary approval of any application expires in 180 days.
Proposals for the issuance of industrial development bonds are considered in the format listed in the Bond Application Process section. Requests for monetary contributions are addressed in the Monetary Fund Process section. Bond proposal are evaluated on the following criteria:
- Projects that support community goals and the overall "Master Plan" of Scottsdale with the purpose of economic benefit or that support the growth or expansion of small and growing enterprises.
- Non-profit projects that have a measurable and direct economic impact on Scottsdale and support an existing business or new business activity which will attract additional economic activity or visitors to Scottsdale.
- Projects which support the well-being of our citizens through education and health care.
- Projects in which funding will be used to support the long-term economy through research or data gathering designed to identify potential markets for business, culture, training or educational purposes.
For more information on the IDA bond process, please contact:
Gary A. Drummond, Esq.
Sallquist, Drummond & O’Connor, P.C.
1430 E. Missouri Avenue, Suite B-125
Phoenix, AZ 85014